LED commissioned soon

2012年 11月 05日

One, overview of events

Yang Shunchang o (002245 ) released in 2012 three quarterly reports, 1-9 months attributable to shareholders of the listing Corporation 's net profit 840862000000 yuan, grow 7.67% compared to the same period. Which month of 7-9 of net profit of 296534000000 yuan, a year-on-year increase of 17.46%, the company three quarter there was a substantial rebound.

LME aluminum prices have four consecutive quarter year-on-year drop. In the face of the substrate prices continue to fall, company operation to take inventory of moderately tight policy, inventory reduction of about 120000000 yuan, guarantee operating cash grows considerably. From the aluminum price fluctuations of view, by the United States monetary policy effects of short-term, long-term depends on the global economic fundamentals. Analysts, quantitative easing continuous fermentation and global economy gradually improved will benefit the price rebound, the company's inventory management to ensure the performance of the elastic.

The company ordered 5 MOCVD, is expected in 2012 December to the 1 quarter of 2013 delivery, theory of total allowance in the amount of 50000000 yuan, accounting for the company in 2011 net profit of more than 50%. As of now, LED civil engineering of the project has ended, the company equipment ordering is also gradually delivery and installation. Analysts believe that, dab3d12ck industry boom picks up, the company is expected to LED commissioned soon. According to the company's management ability and marketing strength, 2013 LED generate profit potential is very high reenex facial.

Three, profit forecasts and investment advice

The current stock price less than 6 yuan, only reasonable valuation of 70%, there are 30% repair space. Shanghai branch in 2012 formally put into production, the third quarter bottomed. The current material prices down deep, is expected in 2013 of steel and aluminum prices will enter the bounce interval. Taking into account the company LED has not been put into production, temporarily maintaining " prudent recommended " rating. The company expects 12, 13 year net profit of 1.30, 181000000, 30.33%, 38.79% year-on-year growth; fully diluted EPS for 0.36, 0.50, 15.56, 11.21 times the corresponding PE.